Leopard Tank Maker KNDS Eyes IPO Amid German Stake Talks

KNDS, the Franco-German tank manufacturer, is preparing for an IPO. Germany wants a pre-IPO stake to maintain national security interests. The German government prefers delaying the IPO to negotiate the stake, but KNDS insists on the original schedule. The outcome could affect the ownership balance with France.

KNDS, the Franco-German maker of Leopard tanks, is advancing with its plan to launch an initial public offering (IPO), according to CEO Jean-Paul Alary. Despite Germany's request for a delay to finalize a pre-IPO stake, KNDS maintains its timeline, creating tension with German ministries.

The German government seeks a stake in KNDS to protect national security and exert influence over defense production. Government sources reveal ongoing discussions about the stake, while KNDS's ownership could shift, with France potentially becoming the dominant shareholder if no agreement is reached.

The German coalition has differing views on the stake's size, with some advocating for 40% to match France's, while others suggest 30% could suffice per Dutch law. Regardless, KNDS remains focused on preparing for the IPO as scheduled.